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Furnished Vs Unfurnished

London's rentals market is booming right now. It's a great time to be a landlord for those who understand how to optimise the investment of London rentals. The furnished vs. unfurnished debate has a central part to play in this - where do tenant preferences lie in terms of furniture and, if you're going to furnish a property, how do you spend to get the best results?

What do tenants really want?

This is largely inconclusive. Surveys and statistics tend to come down on different sides of this argument - some tenants prefer to bring their own beds, sofas etc while others enjoy the luxury of walking into a fully furnished place. One thing that is certain - if you're targeting the short term rentals market in London then furnished is the only way to go. It's also no secret that furnished properties tend to be more acceptable at higher rents. So, that initial investment could potentially reap a much higher ongoing reward in terms of rental yields.

London properties - unfurnished

  • Tenants are responsible for the condition of everything in the property - if the bed breaks then it's nothing to do with the landlord and there's no obligation to repair.
  • There's evidence to suggest that some tenants may stay longer in a property if they've purchased their own furniture. However, this isn't as strong a factor as others such as lifestyle or work.
  • Potential tenants with furniture won't be put off. Not many people are so attached to their furniture that they would turn down a great property for it. However, some might.

The major downside of letting on an unfurnished basis is that tenants tend to expect the rent to be lower. You may also end up attracting tenants looking for a property they don't have to take much care over.

London properties - furnished

  • The number of tenants looking for furnished properties tends to be higher in areas such as Islington, Bethnal Green and Hackney - in fact across London. So, you're more likely to let a property faster if it's furnished.
  • As tenants don't have to make any big purchases when they move into a furnished property, they are more open to a higher rent and feel they're getting more for their money.
  • An initial investment in furnishing a property can last for multiple tenancies if you pick the right furniture and the right tenants.
  • Any damage can be deducted from tenant deposits and there may be tax breaks as a result of any purchases that you make.
  • A good looking furnished property can attract a better class of tenant, more likely to look after both the furniture and the property itself.

Letting a property furnished does mean making an initial up front investment. However, smart interiors choices and a little design expertise can achieve great results on a minimum budget. For example, Storeys offers a service that can transform your rental property for just £2,000.

Whether you let furnished or unfurnished, having the right management in place is essential. Storeys supports landlords with both furnished and unfurnished properties - contact us to find out more.

14 February 2019Written by Andrew Blythe

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